Reward of 100,000 Euros for Research on the Evolution of Industries

The U.S. Professor Steven Klepper is the 2011 recipient of the Global Award for Entrepreneurship Research, the world’s foremost award for research in this area.

Steven Klepper, Arthur Arton Hamerschlag Professor of Economics and Social Science at Carnegie Mellon University, Pittsburgh, Pennsylvania, will receive 100,000 Euros for his influential contributions to the field of entrepreneurship research with focus on innovation and the birth and growth of new industries.

“Steven Klepper has made significant contributions to our understanding of the role of new firm entry for innovation, industrial dynamics and economic growth”, says Professor Pontus Braunerhjelm, chairman of the Prize Committee.

Professor Klepper’s work examines the birth and growth of industries and how it is influenced by innovation and entrepreneurship. In looking at the evolution of industries, professor Klepper explores regularities in the time paths of entry of new producers, exit of incumbent firms, industry output and price, and the rate of product and process innovation. His theories are also used to explain differences in firms' innovative efforts and their innovative success.

The official motivation for the 2011 Award further emphasizes Klepper’s contributions as having integrated elements of traditional economic models with evolutionary theory, bridging some of the gaps between entrepreneurship research and mainstream economics.

The Award will be presented at a prize ceremony in Stockholm in June. For further information please visit the official website of the prize, www.e-award.org.